May’s Debt + Extra Income Report: How I Made an Extra $4,716.19 in Three Months

Welcome to May’s Debt + Income Report where I give you a glimpse into my journey to become debt free and earn extra income on the side.

If this is your first time checking out Money Untangled, you might be wondering why I’m putting my business in the street. I promise you that it’s not to brag or show off.

At Money Untangled, we’re all about telling you about the successes and failures, the wins and losses. I’ve made goals that I’ve met and others that I’ve failed to reach. The post that you’re reading right now is late! But that’s okay. If you’re not failing sometimes, you’re probably aiming too low.

I share my extra income and debt progress to inspire readers and show you that no matter how big your debt is, it’s possible to eliminate it.

My passion for personal finance began in 2016 while working at a financial planning firm as a Creative Director and eventually a Wealth Coach. As a tireless entrepreneur, I soon came up with the idea of Money Untangled. I wanted to write about my journey to eliminate debt and help others in the process. Even though my passions have expanded since I started Money Untangled, I believe personal finance is such major obstacle for most wanting to succeed in life that I committed to sharing my journey.

My Extra Income and Debt Report

Last month, I told you guys about my new side hustle. In March, I started a consulting agency to help brands show everyone the value they offer. My side-hustle is perfect because it’s part of what I do full-time, therefore, I’m always honing my craft as a marketer, which makes me a better asset for my employer.

Since starting my agency, Highest Good Media, LLC, I’ve brought in an extra $4,716.19. I’m expecting to double this by the time my next report is out. We also paid off another credit card, bringing our total debt to $58,928 out of 63,843. Since starting the debt free journey in February, we’ve paid off over 7% of our debt and knocked out two out of sixteen debts.

HOW DID I DO LAST MONTH?

Total Debt in April: $61,526Goal: $59,000Results: $58,928

Extra Income Expected: $1700Goal: $2,000Results: $3,046.42

Emergency Fund: $1000

OTHER GOALS

Average 5:00 AM Wake Time (fail)

This was a new motivation so that I would start going to bed earlier. On the bright side, I got up at 4:15 AM this morning to workout and I’ve excited to report my progress next month.

Read 2 Books (fail)

I read this month but I didn’t finish anything. I’m considering doing grad school work, but I want to do more reading in my potential area of concentration before I commit to going. I also never put together a reading plan, which affected my progress.

Plan My Days (fail)

There’s too much work to do here to label this success. I’ve seen progress, but not enough.

Work-Life Balance (success)

April looked a lot better compared to previous months and our family is better for it.

Morning and Evening Routine (fail)

The reason why I continue to fail here is that I have yet to put a routine in place. I need to block out an hour this month to create a morning and evening routine.

Related

About Phillip Holmes

Phillip is a seasoned writer and speaker who has worked with numerous clients to help them take control of their finances. Still digging his way out of debt, Phillip aims to speak and write with conviction, insight, and compassion. He is married to Jasmine and they have a little boy, Wynn.